The Bill & Melinda Gates Foundation has announced that co-chairs Bill Gates and Melinda French Gates have committed $15 billion to the foundation's endowment and decided to expand the number of trustees.

The largest contribution from Gates and French Gates since they transferred $20 billion in Microsoft stock in 2000 will bring the foundation's total endowment to approximately $65 billion; to date the foundation has disbursed more than $55 billion in support of efforts to fight poverty, disease, and inequity in the United States and around the world.

The plan to add outside directors to strengthen the foundation's governance was being discussed even before the resignation of Warren Buffett as trustee in June, leaving Gates and French Gates — who announced in May that they were divorcing but would stay on as co-chairs — as the only trustees. Gates Foundation CEO Mark Suzman, COO Connie Collingsworth, and the executive leadership team will work with both internal and external experts to develop recommendations around the selection of new trustees and their oversight role. The announcement of new trustees is expected in January 2022.

"From the foundation's earliest days, we've sought to include a diversity of voices into our programs, strategies, and decision making," said Suzman. "By appointing additional trustees, we're elevating that approach to the highest levels of the foundation." 

"Our vision for the foundation has grown over time, but it has always been focused on addressing inequity and expanding opportunity for the world's poorest people," said Gates. "These new resources and the evolution of the foundation's governance will sustain this ambitious mission and vital work for years to come."

The foundation also announced that Gates and French Gates have agreed that, if after two years either decides they cannot continue to work together as co-chairs, French Gates will resign her position as co-chair and trustee and would receive personal resources from Gates for her philanthropic work. These resources would be separate from the foundation's endowment, which would not be affected.

"I am deeply proud of all that the foundation and its partners have accomplished over the past two decades to bring us closer to a world where everyone, everywhere has the chance to live a healthy and productive life," said French Gates. "Every success we've seen is a testament to our partners and a broad coalition of government leaders, global experts, community organizers, activists, advocates, healthcare workers, farmers, teachers, and researchers — all united in their efforts to promote a healthier, safer, more equal world. Their faith that progress is possible fuels mine. These governance changes bring more diverse perspectives and experience to the foundation's leadership. I believe deeply in the foundation's mission and remain fully committed as co-chair to its work."

(Photo credit: Gates Foundation)